Cummins Inc. (CMI) Position Trimmed by Public Sector Pension investment Board
Public Sector Pension investment Board decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 53.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,484 shares of the company’s stock after selling 60,500 shares during the quarter. Public Sector Pension investment Board’s holdings in Cummins were worth $8,514,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in CMI. Bank of New York Mellon Corp boosted its stake in Cummins by 39.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,006,014 shares of the company’s stock valued at $303,309,000 after purchasing an additional 563,279 shares during the period. Comerica Bank boosted its stake in Cummins by 0.5% during the 1st quarter. Comerica Bank now owns 51,234 shares of the company’s stock valued at $7,739,000 after purchasing an additional 275 shares during the period. Trust Co. of Vermont boosted its stake in Cummins by 6.1% during the 1st quarter. Trust Co. of Vermont now owns 2,870 shares of the company’s stock valued at $434,000 after purchasing an additional 165 shares during the period. Xact Kapitalforvaltning AB boosted its stake in Cummins by 10.1% during the 1st quarter. Xact Kapitalforvaltning AB now owns 13,907 shares of the company’s stock valued at $2,103,000 after purchasing an additional 1,272 shares during the period. Finally, Pictet Asset Management Ltd. boosted its stake in Cummins by 19.0% during the 1st quarter. Pictet Asset Management Ltd. now owns 174,985 shares of the company’s stock valued at $26,457,000 after purchasing an additional 28,000 shares during the period. Hedge funds and other institutional investors own 80.38% of the company’s stock.
Cummins Inc. (NYSE CMI) opened at 167.03 on Friday. Cummins Inc. has a 52-week low of $119.41 and a 52-week high of $170.68. The company has a market cap of $27.89 billion, a P/E ratio of 18.88 and a beta of 1.10. The company’s 50 day moving average price is $158.40 and its 200 day moving average price is $157.01.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by ($0.05). The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.40 earnings per share. Equities research analysts anticipate that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were paid a $1.08 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend was Wednesday, August 16th. Cummins’s payout ratio is 48.76%.
In other Cummins news, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the sale, the director now directly owns 5,814 shares in the company, valued at $925,995.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jill E. Cook sold 7,000 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $165.86, for a total value of $1,161,020.00. Following the sale, the insider now owns 9,671 shares of the company’s stock, valued at $1,604,032.06. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,183 shares of company stock valued at $7,320,858. 0.62% of the stock is currently owned by corporate insiders.
Several brokerages recently weighed in on CMI. Stifel Nicolaus increased their target price on Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $187.00 price objective for the company in a research report on Thursday. Royal Bank Of Canada reiterated a “hold” rating and issued a $166.00 price objective on shares of Cummins in a research report on Wednesday, July 12th. Piper Jaffray Companies reiterated a “hold” rating and issued a $161.00 price objective on shares of Cummins in a research report on Wednesday, July 12th. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of Cummins in a research report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. Cummins currently has an average rating of “Hold” and a consensus price target of $161.21.
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Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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